Wetouch Technology (NASDAQ:WETH) Posts Earnings Results

Wetouch Technology (NASDAQ:WETH) posted its quarterly earnings results on Friday. The company reported $0.32 earnings per share (EPS) for the quarter, FiscalAI reports. Wetouch Technology had a return on equity of 5.38% and a net margin of 15.86%.The business had revenue of $16.31 million for the quarter.

Wetouch Technology Stock Down 2.0%

Shares of NASDAQ WETH opened at $1.50 on Friday. The company’s fifty day moving average is $1.54 and its 200-day moving average is $1.76. The stock has a market cap of $17.90 million, a price-to-earnings ratio of 2.50 and a beta of 0.86. Wetouch Technology has a twelve month low of $0.77 and a twelve month high of $3.68.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered Wetouch Technology from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock has a consensus rating of “Sell”.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Primoris Wealth Advisors LLC acquired a new position in Wetouch Technology in the fourth quarter valued at about $29,000. Citadel Advisors LLC acquired a new position in Wetouch Technology in the third quarter valued at about $86,000. Jane Street Group LLC grew its stake in Wetouch Technology by 176.6% in the fourth quarter. Jane Street Group LLC now owns 95,917 shares of the company’s stock valued at $129,000 after acquiring an additional 61,237 shares during the period. Bridgeway Capital Management LLC acquired a new position in Wetouch Technology in the fourth quarter valued at about $126,000. Finally, Renaissance Technologies LLC grew its stake in Wetouch Technology by 12.2% in the fourth quarter. Renaissance Technologies LLC now owns 56,200 shares of the company’s stock valued at $75,000 after acquiring an additional 6,100 shares during the period.

Wetouch Technology Company Profile

Wetouch Technology Inc engages in the research, development, manufacture, sale, and servicing of medium to large sized projected capacitive touchscreens in the Peoples Republic of China, Taiwan, South Korea, and internationally. The company offers various touch panels, including glass-glass, which are primarily used in GPS/car entertainment panels in mid-size and luxury cars, industrial human-machine interface (HMI), financial and banking terminals, point of sale, and lottery machines; glass-film-film products that are used in GPS and entertainment panels, industrial HMI, financial and banking terminals, lottery, and gaming industry; plastic-glass for use in GPS/entertainment panels, motor vehicle GPS, smart home products, robots, and charging stations; and glass-films used in industrial HMI.